Luno set to add Bitcoin Cash on wallet

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Following a recent announcement that it will be adding more cryptocurrencies to its wallet, Luno, one of the largest exchanges in emerging countries, has unveiled Bitcoin Cash (BCH), the fourth most valuable cryptocurrency, as the latest altcoin that will feature on its wallet in the coming weeks.

According to a statement seen by BusinessDay, Luno which is in over 40 countries including Nigeria, said it has monitored the development of the BCH project and is confident it is the right time to welcome it to its exchange.

Bitcoin Cash is an altcoin version of bitcoin which was created as a result of a hard folk (when a single cryptocurrency splits two) in blockchain technology in August 2017. The hard folk gave birth to Bitcoin Core (BTC) and BCH. Bitcoin owners at the time of the fork ended up with the equivalent BCH amount after the fork. This essentially meant that if a user had 1 Bitcoin before the fork, he or she gets 1 BTC and 1 BCH after the cash.

Luno had expressed support for the fork on-behalf of their customers, although it decided not to offer the option to buy or sell BCH on the platform. The decision however did not deter existing customers from going ahead to store and receive BCH in their wallets.

“We ensured those with Bitcoin had a way to withdraw their BCH balance to a compatible platform,” Luno noted in its statement.

The company said it processed BCH withdrawals for some time and was able to see significant amount of customers activate their BCH wallets.

Customers have over time through different medium and forums complained about the limited cryptocurrency options on the platform. Luno first started with Bitcoin and later added Ethereum in November 2017.

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Bitcoin surge pushes weekly gain to 40%

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Bitcoin’s the most popular virtual currency surged as much as 18 percent on Wednesday, topping $13,000 for the first time since January 2018, and bringing its gain since late Friday to almost 40 percent.

The digital asset has climbed more than 200 percent since December, prompting many investors to ignore the 74 percent drop last year that followed the unprecedented 1,400 percent surge in 2017.

“While I understand the excitement for the community that a company like Facebook, backed by other big names, has launched its own coin, this just feels a lot like last time and we all know what happened then,” Craig Erlam, senior market analyst at Oanda Corp. in London wrote in a note. “Perhaps this time the drop off won’t be so bad as we are seeing more mainstream adoption but it may be naive to think that it can’t come crashing down again.”

Its relative strength index, a gauge of momentum, is now within the level when the cryptocurrency peaked around $19,500 in 2017.

Accelerating gains have raised the stakes for traders as they try to gauge whether this month’s rally has more staying power than the bubble that ended with a $700 billion crypto wipeout in 2018.

While bulls have cheered signs of growing interest in virtual currencies from major companies like Facebook Inc. and JPMorgan Chase & C0., skeptics say it’s unclear how those initiatives will ultimately benefit Bitcoin and its peers.

A break above the $12,720 level “will allow for a complete retracement of the 2018 bear market,” according to John Kolovos, chief technical strategist at New York-based Macro Risk Advisors, though he noted in comments Tuesday that the rally was “turning more and more impulsive.”

The last time Bitcoin rose above $12,000 was in December 2017. It … Read More...